You may have seen this before, but it needs seeing again and again and again….. Here’s the USA’s fiscal problem made easy:
- U.S. Tax revenue: $2,170,000,000,000
- Fed budget: $3,820,000,000,000
- New debt: $1,650,000,000,000
- National debt: $16,440,000,000,000
- Recent budget cuts: $38,500,000,000
Let’s now remove 8 zeros and pretend it’s a household budget:
- Annual family income: $21,700
- Money the family spent: $38,200
- New debt on the credit card: $16,500
- Outstanding balance on credit card: $164,400
- Total budget cuts so far: $385
Got It? OK now here’s another way to look at the ‘Debt Ceiling':
Let’s say you come home from work and find there’s been a sewer backup in your neighborhood….AND your home has sewage all the way up to your ceilings.
What do you think you should do???….. Raise the ceilings? OR, REMOVE IT?